El Corte Inglés sells two of its stores in Madrid to Unibail-Rodamco for 160 million

El Corte Inglés has sold two of the stores that it possesses in the two commercial centres in Madrid, specifically, those located in La Vaguada and Parquesur (Leganés), to the multinational real estate firm Unibail-Rodamco for nearly 160 million Euros, confirmed sources of the company.

The group presided over by Jesús Nuño de la Rosa will allocate the amount obtained with the sale to reduce debt. The company will continue to occupy these centres on a rental basis, after signing a long-term lease.

  Company sources explained that there is no divestment plan established as such, but that the group is exploring operations of this nature to reduce its financial debt, which stood at 3,652 million euros at August 31.